Lionsgate has extended CEO Jon Feltheimer’s contract for another year, through August 21, 2025.
Feltheimer signed a new deal in 2020 that would potentially keep him in the studio until August 2025. On Aug. 12, Lionsgate’s compensation committee made the decision to exercise its option under the studio head’s employment contract to keep him as CEO until 2025, the studio said in a filing with the Securities and Exchange Commission.
On July 28, Lionsgate announced that Feltheimer saw his total compensation drop to $5.58 million for fiscal 2022, according to the company’s latest proxy filing. That was less than in fiscal 2021, when Feltheimer received $19 million in total compensation, and the $11 million he earned as part of his fiscal 2020 total compensation package.
Feltheimer’s compensation for 2022 included an unchanged base salary of $1.5 million, but his bonus fell to $2.8 million, from a $10 million bonus a year earlier for 2021. In its latest regulatory filing, Lionsgate added that, In addition to his $1.5 million base salary, Feltheimer will be eligible for an annual performance bonus based on new performance criteria, with the target bonus set at $7 million as of fiscal 2023.
“Any portion of Mr. Feltheimer’s annual bonus that exceeds $1.5 million for a given year may be paid to him in the form of fully vested common stock of the company,” the SEC filing said.
Feltheimer’s contract extension follows Lionsgate Television Group’s announcement that 14 new shows have been picked up for series and 15 current series have been extended for additional seasons.
The studio also experienced global subscriber growth with Starz, which could be the subject of a sale or spin-off. Lionsgate shares rose 9 percent in fiscal 2022 and are up more than 20 percent since the company’s first-quarter earnings call.